Heavy foreign exchange trading – Tuesday

There was heavy trading in the foreign exchange on Tuesday with volumes exceeding the amounts purchased and sold on Monday as dealers continue to sell off excess US dollars.
The market closed with inflows of all currencies, ending at US$56.40 million, versus US$47.24 million on Monday. Dealers sold US$61.03 million in contrast to US$54.79 million, previously.
The buying and selling rates fell in US dollar trading but with smaller movements than on Monday. The rate to buy the US dollar fell against the Jamaican dollar by 12 cents while the buying rate by dealer was down by 11 cents.
In US dollar trading, dealers sold US$50.24 million at a rate of J$126.33 at the close, compared to US$50.75 million at a rate of J$126.45 on Monday. Purchases of the US currency by dealers, amounted to US$43.96 million at an average of $125.25, compared to US$44.27 million at an average of $125.36 on Monday.
At mid-day on Tuesday, dealers purchased US$14.77 million at an average rate of J$125.53 and sold US$15.72 million at an average of J$126.18. At mid-day on Monday dealers purchased US$19.12 million at an average rate of J$125.86 and sold US$27.58 million at an average of J$126.37.
The selling rate on Tuesday, for the Canadian dollar rose to J$99.02 from J$98.33 at the close on Monday, the selling rate for the British Pound increased to J$178.38 from J$176.63 previously and the euro fell against the Jamaican dollar to J$156.73 to buy the European common currency, versus the prior selling rate of J$158.26.